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# Africa’s top three retail banking markets will account for 50% of revenue growth by 2022
- URL: https://www.techloy.com/africas-top-three-retail-banking-markets-will-account-for-50-of-revenue-growth-by-2022/
- Published: 2020-02-27T00:00:00.000Z
- Updated: 2022-11-17T17:59:35.000Z
- Author: Techloy
- Tags: / Insights, Chartbox

Africa’s banking markets is the second fastest-growing and second most-profitable of any global region, and a hotbed of innovation, [according to a 2018 report by McKinsey&Company](https://www.mckinsey.com/industries/financial-services/our-insights/african-retail-bankings-next-growth-frontier).

For example, between 2012 and 2017, banking revenue pools in Africa grew at a compound annual growth rate of 11 percent in constant 2017 exchange rates, and is expected to grow at a rate of 8.5 percent up until 2022, bringing the continent’s total banking revenues to $129 billion (before risk cost), based on the report. The report further notes that out of the total estimated banking revenues of $129 billion by 2022, about $53 billion will be in retail banking — up from $35 billion in 2017, an absolute growth of $18 billion, while three quarters of the $18 billion in absolute retail revenue growth will be concentrated in 10 countries.

In absolute terms, the greatest growth will be in South Africa, which will account for $4 billion, or well over one-fifth of African retail banking growth, by 2022, while other leading growth markets will include Egypt, Nigeria, Morocco, Ghana, and Kenya — with the top five retail banking markets accounting for over 60% of growth up until 2022\. 

**Techloy*’s latest infographic highlights the largest retail banking markets in Africa, showing relatively mature markets, such as South Africa, Egypt and Nigeria accounting for 50% of the continent’s total revenue growth up to 2022.

![](https://storage.ghost.io/c/c1/a6/c1a6d111-d951-41ad-a392-c1e841210b93/content/images/2022/11/1_mq7eSxGBN4mSpJJLq7TW4A.png)

Chart by [Loy Okezie](https://www.techloy.com/author/loy/) / [Techloy.com](https://techloy.com/)